ETAP, a Nigerian startup that makes it easier to acquire auto insurance and file claims, has raised US$1.5 million in pre-seed funding to expand its staff and push car insurance adoption across Africa.
Mobility 54, Toyota Tsusho’s venture capital arm, and CFAO Group led the round, which also included Tangerine Insurance, Graph Ventures, Newmont, and other angel investors.
ETAP has insured approximately 130,000 individual trips and 500,000 kilometers of car trips since its beta launch in November 2021.
ETAP makes buying and claiming car insurance as simple as snapping a photo, with drivers able to choose from a variety of daily, weekly, monthly, and quarterly plans.
Machine learning is used by the business to create intelligent risk profiles that determine suitable rates for each motorist, letting them save money by driving safely.
“We believe Nigerians should be able to acquire and claim auto insurance without having to “call a guy,” just like any other digital service.” We also feel that rewarding good driver will encourage improved driving and make our roads safer,” stated ETAP CEO and founder Ibraheem Babalola.
“This is why we built Africa’s most powerful car insurance app, and we’re thrilled to have raised these funds to help us bring on additional users.” The process of buying and claiming insurance in Africa is frequently out of touch with most people’s daily lives, but we’re changing that by making it just as fun as any other experience that consumers access on their mobile phones.”
The money will go toward the launch of ETAP’s app, which allows users to buy insurance in 90 seconds, file claims in three minutes or less, and earn points for safe driving and avoiding accidents.
The company will also look into additional options for providing insurance services to car owners in other African countries.
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